PYPL rose above both its 11-month and 7-month downtrend lines in August. The gap higher in August also marked a breakout from 2-month resistance at the 90 level (zoom chart). The zoom chart also reveals that PYPL has now formed a pattern of higher lows and higher highs since mid-June=uptrend. The long-term chart shows that PYPL is still far below the next long-term resistance level, which is around 140 (47% higher than Tuesday’s close.
CDAY rose above its 8-month downtrend line in July. Even after the recent rally, CDAY is still down over 50% from its 2011 highs. A gap higher in August pushed CDAY above 3-month resistance at the 57 level. TPA recommended CDAY on 8/2/22 and closed out the rec up 22% a week later and it was overbought. CDAY is now at support from its 2-month uptrend line (zoom chart).
RRG analysis shows that CDAY has moved out of the Improving quadrant and has just entered the Leading quadrant. CDAY was one of the Top 20 in this week’s TPA-RRG Report (see RRG below).
- PINS rose above its steep 23-month downtrend line in August. PINS is still down 72% from its February 2021 highs. Chart 2 shows that the gap higher day in August also put PINS above its 6-month downtrend line. PINS has put in a pattern of higher lows and higher highs since the send of July=uptrend (zoom chart).
RRG analysis shows that PINS has moved out of the Improving quadrant and has just entered the Leading quadrant. PINS was one of the Top 20 in this week’s TPA-RRG Report (see RRG below).